Lori Moggy L&L

On Wednesday November 25th, 2015 at 12:00 p.m., Lori Moggy came into our office for a Lunch and Learn to discuss the topic of Reversed Mortgages in Canada. Lori is a licensed Mortgage Agent at HQ Mortgages in Sudbury Ontario and has over 25 years of experience in the financial services sector, with a strong focus on mortgage lending and mortgage insurance.

To find out more about Reversed Mortgages, see below, or click on this link! https://www.youtube.com/watch?v=T6kUgurdOTI

What is A Reversed Mortgage?

A reversed mortgage is a mortgage designed specifically for the changing financial needs of seniors. One must be 55 or older and own a home or condo to qualify for a reverse mortgage in Canada.
Unlike a traditional mortgage, there are no payments to make. The payments that would normally occur are used instead by the mortgage company to reduce the equity of the home. One could make monthly interest payments if he wished, but most people choose to pay back the mortgage when they sell their home. The amount of the mortgage increases as time passes, but the mortgage amount can never exceed the value of the home when sold and that value will probably increase with time as well and the difference goes to the party that owns the home.
Where obtaining a normal mortgage depends on such things as credit rating and ability to pay, a reverse mortgage depends only on a combination of the appraised value of the home and the age of the borrower. The calculations are similar to those by insurance companies, using actuarial tables.
Yes, you read it correctly. For a reverse mortgage, nobody cares about your credit or your debt.
If you want to know more about Reversed Mortgages, Lori Moggy’s contact information is listed below.

Lori Moggy
lori@hqmortgages.ca
705 690-6013

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HollisWealth® is a division of Industrial Alliance Securities Inc. (iA Securities), a member of the Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC). iA Securities is a trade name and business name under which Industrial Alliance Securities Inc. operates. Insurance Products are provided by HollisWealth Insurance Agency Ltd. This information has been prepared by David Yurich Wealth Management for HollisWealth®, a division of iA Securities, and does not necessarily reflect the opinion if iA Securities. The information contained in this document comes from sources we believe to be reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any the securities mentioned. The information contained herein may not apply to all types of investors. David Yurich can open accounts only in the provinces where he is registered. For more information about HollisWealth®, please consult the official website at www.holliswealth.com. David Yurich Wealth Management is a personal Trade name of David Yurich.